The Covid-19-caused downturn is set to cause a 25 per cent yearly drop in global demand for oilfield services (OFS), a Rystad Energy analysis shows.
In its global energy outlook, Rystad Energy revealed that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.
The massive consolidation drive in the container shipping market that dominated the narrative over the past four years seems to have brought about unexpected benefits during the coronavirus crisis. The driving force behind the phenomenon has been primarily achieving economies of scale, especially co
There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market.
OPEC, Russia, and other oil producers agreed to extend their record oil production cuts of 9.7 million barrels per day by another month.
1,400 GW of offshore wind globally by 2050 is entirely achievable considering the resource potential, technology innovation, and government appetite to position offshore wind at the centre of the global energy transition, the Ocean Renewable Energy Action Coalition (OREAC) said. OREAC estimates that
The current officer shortfall to crew the global merchant fleet is forecast to widen amid reduced attractiveness of a career at sea, according to the latest report from the global shipping consultancy Drewry. The consultancy estimates that there is a global officer shortage equating to around 2% of
The global liquefied natural gas (LNG) industry is about to face its first seasonal demand contraction since 2012.
Hydrogen has surged up the priority list of many oil and gas organizations, taking a primary position in the sector’s decarbonization efforts, according to a new report by DNV GL.
Over ordering of bulk carriers over the past ten years has set the tone for the upcoming decade as overcapacity hinders shipowners’ battle with low demand further constrained by the COVID-19 pandemic. A total of 413 million DWT has flooded the market since the turn of the decade, bringing the world
Exploration plans are being redrawn and the well count is expected to drop by as much as 35 per cent on 2019 levels due to the “double whammy” of the oil price collapse and COVID-19 pandemic, according to market research provider Westwood Global Energy Group.
The agreement of the members of OPEC and its allies to cut oil production by 9.7 million barrels of crude per day is not believed to be enough to offset the massive demand drop and will certainly have dire implications for the oil tanker shipping market. “The first quarter of 2020 has been one of [&
The article delves into legal intricacies of declaring force majeure events on existing offshore construction contracts in case of delays caused by the coronavirus pandemic as well as key points to consider when entering new contracts.
The effect of the COVID-19 pandemic and the ongoing oil price war will likely cause the cancellation of more than half of the world’s planned licensing rounds, according to energy intelligence firm Rystad Energy.
